Best places to exchange currency in Melbourne
Discover how to find the best deal when you need to exchange currency in Melbourne.
Whether you're an international traveller visiting Melbourne or a local planning a trip overseas, there are plenty of convenient places to exchange foreign currency in and around the Melbourne CBD.
Keep reading for details of some of the currency exchanges to compare when searching for the best value for money.
Where can I change my money in Melbourne?
1. S Money
S Money is an online currency exchange, but they also have one store in the Melbourne CBD. Based on our research, S Money offers the best exchange rates in Melbourne but charge a percentage-based service fee and a $14 service fee for home delivery. For example, they charge around 1.8% when exchanging AUD to USD. In comparison, Travelex and Travel Money Oz add a markup of 3.70% on conversions to US dollars.
|Next to the Great Southern Hotel, 44 Spencer St||1300 50 10 80|
As one of the most recognised names in the world of currency exchange, Travelex allows you to buy and sell over 45 currencies either online or in-store. Travelex has 2 locations in the CBD and 13 locations within 20 miles of the CBD.
|261 Bourke St||(03) 9654 4222|
|67 Swanston St||(03) 9650 5624|
3. Travel Money Oz
Travel Money Oz supports more than 60 currencies, and also a travel money card that can be pre-loaded with up to 10 currencies. You can buy currency from Travel Money Oz online or in-store, with the provider boasting 3 locations in the CBD. Their exchange rates aren't as competitive as S Money's but their customer service is excellent.
|108 Elizabeth St in the Royal Arcade||1300 161 371|
|97 Swanston St||1300 651 927|
|Shop E26 Galleria, 385 Bourke St||1300 651 994|
4. United Currency Exchange
United Currency Exchange is a Melbourne-based provider with branches in Swanston Street and QV Melbourne. They are open five days a week from 9am to 5:30pm. You can place an order either online or in-store, and there are more than 35 currencies available.
|QV MALL, QVA01 Lonsdale St &, Swanston St||(03) 9671 3993|
|Level 5/55, Swanston St||(03) 9671 3993|
|QV MELBOURNE, Shop 26, Level 3/22-24 Jane Bell Ln||(03) 9671 3993|
5. Crown Currency
Crown Currency is a currency exchange company that was founded in 1998. They have 11 branches in Victoria but only one in Melbourne CBD. Crown Currency offers a wide range of currency exchange services, including cash exchange, traveller's cheques, and international money transfers. Unlike other services, they don't display exchange rates on their website so you will need to contact them for a quote.
|Midtown Plaza, Kiosk K001/246 Bourke St||(03) 8638 9967|
Tips for getting the best deal when exchanging money
- Know the mid-market rate. Use Google to find the current mid-market exchange rate. This will let you work out whether the rate being offered by a currency exchange service represents good value.
- Shop around online. Rather than visiting several stores in person, shop around online to find the provider with the best rates and lowest fees.
- Check for fees. Make sure you check the fine print to find out what fees apply to your transaction. Remember that even if an exchange bureau claims that it doesn't charge any fees, your transaction will still cost money as the provider always adds a margin to the mid-market exchange rate.
- Avoid airport exchange bureaus. These locations generally offer low exchange rates and higher fees.
- Steer clear of ATMs. Withdrawing money from a foreign ATM may be a simple and convenient option, but the high fees and disappointing exchange rates mean it's also quite expensive.
Compare money transfer services
Looking to send an international money transfer rather than exchange currency? Compare our options below to save money on transfer fees and lock in stronger exchange rates.
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